Loans

Federal Student Loan Programs

Subsidized Stafford Loans

Any student who files a FAFSA and who meets the eligibility requirements will qualify for a Federal Stafford Loan. Subsidized Stafford Loans do not accrue interest until a student ceases to be enrolled. The interest rate is set each year on July 1, and is a fixed rate loan. For 2018-2019 the subsidized interest rate is 5.05%.

Unsubsidized Stafford Loans

If you do not meet the financial need criteria to qualify for a subsidized loan, you can still apply for an unsubsidized loan. You are responsible for paying the interest while you are in school. If you cannot make the interest payments, the interest can be added to your principle balance. The interest rate is set each year on July 1, and is a fixed rate loan. For 2018-2019 the unsubsidized loan interest rate is 5.05%.

Federal Loan Programs for Parents

Parent Loans for Undergraduate Students (PLUS)

PLUS Loans are available for every creditworthy parent who is a U.S. citizen or eligible non-citizen, who has completed the FAFSA.

Parents may apply for a PLUS Loan at www.studentloans.gov. Please complete this step no later than June 1. A delay can prevent the loan from being credited to your student’s account prior to first-semester tuition due date of July 1. First-time PLUS Loan borrowers at Belmont Abbey College are also required to complete an online master promissory note. For 2018-2019 the PLUS loan interest rate is 7.6%.

Alternative Loan Programs

Alternative loans are non-federal loans for students.  These loans are creditworthy so the student will need a creditworthy cosigner.  The cosigner is someone who will be responsible for repaying the loan if the student fails to repay. Students considering borrowing an alternative loan should investigate the terms of the loan prior to applying.  Federal loans should always be considered prior to applying for an alternative loan.

Applying for an alternative loan may take a few weeks.  Please make sure that you allow enough time for processing.  The college must receive confirmation of your approved loan application prior to the billing due date.

Please refer to our Code of Conduct regarding Educational Loans.

Click below to easily compare and apply for Alternative Loans:

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